Investor purchases open-air retail center in Indiana
JLL Capital Markets arranged the sale of the 130,100-square-foot, Target-shadow-anchored Orchard Crossing in Fort Wayne, Indiana
CHICAGO, July 11, 2022 – JLL Capital Markets announced today that it has closed the sale of Orchard Crossing, a 130,100-square-foot, open-air, Target-shadow-anchored retail center located in Fort Wayne, Indiana.
JLL represented the seller, DRA Advisors, and procured the buyer, LBX Investments.
Built in 2008, the 99-percent-leased Orchard Crossing is anchored by Hobby Lobby and Barnes & Noble, which both recently entered new leases, as well as Dollar Tree and Five Below. Additionally, the property is shadow anchored by a Target that has generated 1.3 million visitors in the past 12 months.
Located at 902 S. Thomas Rd., the property is located at the hard corner of Illinois Road and South Thomas Road, which experienced a 35,000 vehicles per day count. The center benefits from an affluent customer base with an average household income of $95,806 within the area. Orchard Crossing Shopping Center holds a dominant market position due to its location directly across from Jefferson Pointe Shopping Center, which had just under five million visits in the past 12 months.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About LBX Investments
LBX Investments is a diversified commercial real estate investment firm. Led by former public company executives and backed by an industry-leading asset manager, LBX takes a proprietary, research-driven approach to identifying and investing opportunistically in mispriced assets. The company has a robust operating platform that oversees leasing, property management, asset management, construction, marketing, finance and accounting efforts and offers its partners and stakeholders best-in-class, institutional quality investments focused on consistent current cash flow, equity upside, and strong downside protection. LBX Retail, a division of LBX, invests in open air shopping centers with a focus on acquiring high quality real estate with solid tenants in dynamic markets with strong demographics. The Company pursues both value-add and core plus investments under this strategy, and has acquired more than $356 million in real estate since 2016.